5  CVPDC Housing Market Assessment

The following provides a regional-level analysis of major trends impacting housing within Central Virginia Planning District region. All data has been aggregated to the regional-level and includes:

• Amherst County
• Appomattox County
• Bedford County
• Campbell County
• City of Lynchburg

5.1 Takeaways

5.2 Population trends

From 2010 to 2020, the Lynchburg region only grew by six percent, an increase of just over 15,000 people. This slow but steady growth across the last decade was punctuated by a slight decrease in population between 2019 and 2020.

Figure 5.1: Total regional population

Figure 5.2: Regional components of population change

Figure 5.3: Regional population projections

5.3 Household trends

Figure 5.4: Regional change in household tenure

Figure 5.5: Regional change in households by age and tenure

Figure 5.6: Regional change in households by type

Figure 5.7: Regional change in households by size and tenure

Figure 5.8: Regional change in senior population

Figure 5.9: Regional change in families living with others

Figure 5.10: Regional percentage of multigenerational households

Figure 5.11: Regional change in young adult population by living arrangement

5.4 Economic trends

Figure 5.12: Regional income distribution by tenure

Figure 5.13: Regional median household income by tenure

Figure 5.14: Regional median household income by race and ethnicity

5.5 Housing stock

Figure 5.15: Regional housing stock by structure type

Figure 5.16: Regional housing stock by year built

Figure 5.17: Change in regional housing stock by bedroom count

Figure 5.18: Map of manufactured home communities

Figure 5.19: Regional residential building permits

5.6 Homeownership market

Figure 5.20: Regional homeownership rate

Figure 5.21: Regional median residential sales price

Figure 5.22: Regional number of closed home sales

Figure 5.23: Regional average days on market

5.7 Rental market

Figure 5.24: Regional average market asking rent

Figure 5.25: Regional rental vacancy rate

5.8 Affordability

Figure 5.26: Total regional housing cost burden by household area median income

Figure 5.27: Regional change in cost-burdened households by tenure

Figure 5.28: Regional percent of cost-burdened households by race and ethnicity

Figure 5.29: Regional cost-burden by household type